25th October 2015

EU and US formally lift some sanctions against Iran

As foreseen in the international agreement of the world powers with Iran on its nuclear program, officially the Joint Comprehensive Plan of Action (JCPOA), the European Union and the United States both adopted sanction waivers on Sunday 18 October. The date was fixed in the agreement as “adoption day” and was to be 90 days after the endorsement of the JCPOA by the UN Security Council. Both waivers of economic and financial sanctions, strictly related to the Iranian nuclear program, will come into effect only on the so-called “implementation day”, the day when the International Atomic Energy Agency declares that Iran implements the deal. Experts expect this to happen early next year. Other sanctions, related e.g. to Iranian civil rights records, will remain in place.

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Members of the American Chamber of Commerce in the Czech Republic